Northbrook, IL 60062 -- (SBWIRE) -- 12/27/2022 -- The sports technology market is estimated to grow from USD 21.9 billion in 2022 to reach USD 41.8 billion by 2027; it is expected to grow at a CAGR of 13.8% from 2022 to 2027. The growth of the sports technology market can be attributed to increasing focus on delighting and engaging fans at stadiums, growing pressure to improve player and team performance, and rising implementation of IoT technologies for efficient management of stadium infrastructure.
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The sports technology market for sports analytics is expected to grow at the highest CAGR during the forecast period. This is attributed to the rising adoption of big data and other related technologies, increasing investment in sports technology for data-driven decisions, and the need for individual player and team performance improvement.
The sports technology market for wearable devices is expected to hold the largest share during forecast period. Smartwatches allow fitness tracking, text messaging, answering calls, and accessing social media and music.
Companies such as Apple, Garmin, and Samsung offer smartwatches for fitness and sports applications. There has been wide adoption of smartwatches owing to their easy-to-use AI functionalities. Smartwatches also enable tracking health records and planning exercise schedules according to individual needs and demands.
The sports technology wearables market for smart clothing is expected to grow at the highest CAGR during forecast period. Smart clothing can help in performance analysis, health monitoring, and training. The smart clothing market includes smart apparel and smart shoes with tracking features. The increasing number of partnerships and collaborations to introduce advanced functionalities to wearable devices ensures the growing trend of smart clothing products in the near future.
The American football/rugby segment of the market is projected to grow at the highest CAGR during the forecast period. American Football has multiple use cases for incorporating high-tech sports technologies. For instance, Zebra Technologies teamed up with the NFL to create radio frequency identification (RFID) tags for players' shoulder pads.
The sports technology market for athletes is expected to grow at the highest CAGR. This is attributed to the increasing use of wearable devices and sensors to optimize training, game-day decision-making, and recovery of athletes. Companies such as NormaTec, Rapid Reboot, and Air Relax are offering pneumatic recovery units to help athletes enhance blood flow and circulation, improving recovery after a hard workout or big game.
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The sports technology market in Asia Pacific is expected to grow at the highest CAGR from 2022 to 2027. The emergence of new sports leagues in the region is driving the demand for smart stadium infrastructure to compete with international leagues and create new revenue streams. China, Japan, and Australia are big markets in the Asia Pacific region for deploying smart stadium technologies and solutions. The penetration of 5G and cloud technology, the emergence of professional leagues, and the digitalization of sports are driving the adoption of sports technology solutions in the region.